Days after the saga of $44 billion and doubts if Musk could break the deal or not, finally came to an end. Elon Musk on Thursday officially became the owner of Twitter.
After becoming the owner, his first move came by terminating four top-notch members of Twitter including CEO, Parag Agrawal.
The other executive members terminated by Elon Musk are the Chief Financial Officer, Ned Segal, the top legal and policy executive, Vijaya Gadde, and the general counsel, Sean Edgett.
As per several reports, one executive member was also seen being escorted out of Twitter’s headquarters in San Francisco.
What was the reason behind the termination?
Elon Musk’s intention to buy Twitter came as a good sign for Twitter until he decided to back out from the deal and face accusations from Twitter Inc.
Even though Elon finally completed the deal with Twitter. He fired the top executives for trying to defame his image. This includes the Chief Executive Officer, Parag Agrawal.
What happened in the headquarters?
On Wednesday, Elon changed his Twitter bio to ‘Chief Twit’. Later, he visited Twitter’s headquarters. He entered the headquarters with a bathroom sink in his hands to post it with a caption, “Entering Twitter HQ – let that sink in!”
He interacted with the employees of Twitter and discussed the plans and the changes he wanted to make in Twitter with them.
Overall
In April world billionaire, Elon Musk showed interest in Twitter and declared to buy it. This led to many series of happenings after that from Elon stepping out from the Twitter deal to lawsuits.
Twitter has also seen a decrease in active members to what it calls “heavy tweeters” who were contributing about half of the global revenue and 90% of the tweets. But the decrease in heavy tweeter costs slowed growth at the start of the covid pandemic. Also, Most of the major advertisers don’t want to promote on Twitter because of NSFW content which allows nudity content as most brands don’t want to receive any sort of controversies or lose their reputation.
But after facing so many trials at the court, in October, Delaware Court gave Elon a fixed date to complete the Twitter deal. And finally, on Thursday, 27 October, Elon took over at $44 billion and made some really big changes.
To cover the finance to purchase Twitter, Elon asked several of his co-investors. The co-investors were Sequoia Capital, Binance, Qatar Investment Authority, and others. Other investors included Morgan Stanley and Bank of America Corp who gave a loan of $13 billion.
